dear sir/ma'am
wanted to ask a query from surrender of shares(internal reconstruction)

situation1
creditors(=72000) claim shall be reduced to 50%, it is to settled by the issue of equity shares of rs10 each out of the shares surrendered(=500000)

situation2
Creditors(=300000) agree to reduce their claim by one-fifth in consideration of getting shares of rs35000 out of the shares surrendered(=270000)
Kindly give entries in both situation..

In the book the 1st entry is creditors a/c dr to cap reconstruction 72000
Whereas 2nd entry is creditors a/c dr to cap reconstruction60000

Here confusion is, in first entry we have credited capital reconstruction a/c with rs72000 i.e total amt but in 2nd situation its only the reduced amount?why so?

What is the diference between cost of goods sod and sales?

Dear sirs,
On which date a purchase bill is to be accounted? Whether on Invoice date or GRN date?
Will the property in goods transfer to the buyer just after the billing of goods or at when the goods reach the buyer's place?

Thank you....

There is a change in method of Depreciation i.e. from Income Tax Act to Companies Act, which may result some deviation either deficiency or surplus.
I want to know that what will be the treatment in P/L Acoount.
Please confirm me whether the depreciation adjustment will be above the line or below the line.

Hi
Respected Memeber

Can Any one tell me that my freind got the one of client who is engaged in construction of commercial and residential complex.

So how they make entry i.e on the basis on AS-7 or Contract costing as chapter in costing. OR any other mode?

and whether disclosed as receipt or sales in direct income?

Dear all

please tell me the entry for the salary ,EPF, ESIC.

dinesh

WHAT IS THE CURRENT RATE OF DEPRECIATION ON AIR CONDITION AS PER COMPANIES ACT AND AS PER IT ACT?

pls explain what is the limit of amount to be debited under the head misc exp as per schedule 6

Thanks Sanjay,

But Personel ac- dr-receiver and cr-giver
Real a/c-- dr-what comes in and cr- what goes out
Drawings means something is taken away by the prpritor.. so Drawings should be the real ac ...

Please clarify..

Regards

Hello All,

Drawings will come exactly in which a/c..
I.e Personel or real account

Regards